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How much should be recognized in profit or loss

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Question - The terms and conditions of employment with the Chicken Wings Inc. include entitlement to share in the staff bonus system, under which 5% of the profits for the year before charging the bonus are allocated to the bonus pool, provided the annual profits exceed P50,000,000. The profits (before accrual of any bonus) for the first half of 2021 amount to P40,000,000 and the latest estimate of the profits (before accrual of any bonus) for the year as a whole is P60,000,000. How much should be recognized in profit or loss in respect of the staff bonus for the half year to June 30, 2021, according to IAS 34 Interim financial reporting?

Reference no: EM133118983

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